Despite being one of the world’s most prominent and growing consumer goods industries, the global tobacco products market will continue to see difficult times owing to stringent government regulations and limitations on marketing of tobacco products in most countries worldwide. However, due to the relatively lenient regulations governing digital marketing, tobacco companies are increasingly using the Internet and social media to boost the visibility of their products.
Globally, tobacco is primarily available in two forms: smokeless tobacco products and smoked tobacco products. Smokeless tobacco products are available in the form of snuff (dry and moist), chewing tobaccos, and newer dissolvable tobacco products. On the other hand, smoked tobacco products mainly include cigarettes, pipes, cigars, and water pipes.
Governments in several developed nations have imposed burdensome taxes on tobacco companies and have initiated anti-tobacco drives and public education campaigns. As a result, the tobacco industry in these regions is declining rapidly. Contrary to this, many emerging markets are witnessing a sizeable increase in the number of tobacco consumers due to low taxes, increasing disposable income, and low levels of awareness regarding health risks. Various studies suggest that more than three-quarters of the world’s smokers live in low and middle-income countries. Moreover, according to the World Health Organization (WHO), the growth in smoking rates in developing countries has exceeded the decline in smoking rates in industrialized nations. This trend is likely to influence the overall tobacco products market positively.
Moreover, due to the addictive nature of tobacco, the prices of these products remain elastic, which reduces the threat for manufacturers to a certain extent. Other factors propelling the growth of the market are the increasing demand for specialty and heritage brands and rising focus on flavor experimentation. Furthermore, with the introduction of less regulated next generation products such as organic tobacco, tobacco heating products, and vapor products (e-cigarettes), the global tobacco products market is expected to advance rapidly in the near future, in terms of both market growth and technology.
With the rising population and increasing consumption of tobacco products, Asia Pacific is expected to emerge as a lucrative market, with China, in particular, offering immense growth opportunities. China National Tobacco Corporation, a state-owned enterprise, is the world’s leading producer of cigarettes.
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